Past year: ▲ 6%(1.10c – 5.00c USD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Nov 2007debt financing● Neutral
Ivanhoe drew a further US$3M on its LaSalle credit line (US$4.5M total outstanding), and its Dagang subsidiary opened a new US$30M revolving facility with Standard Bank, drawing an initial US$7M to fund the China project.
13 Mar 2007financial restatement● Neutral
Ivanhoe said it would restate the US-GAAP reconciliation notes in its 2005 and part of its 2006 financial statements after a new interpretation of derivative-accounting rules changed how its share purchase warrants must be treated. Its primary Canadian-GAAP financials were unaffected.
13 Nov 2006debt financing● Neutral
Ivanhoe's US subsidiary opened a US$15M credit facility with LaSalle Bank (initially US$8M available) to fund US oil and gas development and early engineering on its HTL upgrading technology.
1 Sept 2006material agreement termination▼ BadMajor
The China Mineral Acquisition Corporation deal fell through: the blank-check company missed its own deadline to complete a combination and had to liquidate, ending Ivanhoe's plan to list Sunwing's China assets separately.
26 May 2006director officer appointment● Neutral
Ivanhoe Energy hired Joseph I. Gasca as President and Chief Operating Officer on a written employment agreement, putting an experienced international oil executive underneath the founder-chairman for the first time.
17 May 2006material agreement▲ GoodMajor
Ivanhoe agreed to combine its Sunwing China subsidiary with blank-check company China Mineral Acquisition Corporation, which would redomicile as China Ivanhoe Energy and leave Ivanhoe holding about 80% of the resulting public vehicle.
7 Apr 2006capital raising announcement▲ Good
Ivanhoe raised about US$25.4M in a special-warrant placement to three offshore investors. Deputy Chairman and top shareholder Robert Friedland took part to keep his stake near 20%; most proceeds went to retire debt and boost working capital.
24 Feb 2006asset acquisition disposition▲ GoodMajor
Ivanhoe bought back the 40% stake in its Dagang, China enhanced-oil-recovery project that it had farmed out to CITIC Resources' Richfirst unit in 2004, paying in shares plus a $7.4M loan and taking the project to 100% ownership.
4 Jan 2006capital raising announcement▲ Good
Ivanhoe issued 11.2M shares from a November 2005 special-warrant placement that had raised roughly US$18.25M from four accredited offshore investors.
21 Apr 2005asset acquisition disposition▲ GoodMajor
Ivanhoe completed the Ensyn merger, paying the agreed US$10M cash and issuing 30M shares. Ensyn's petroleum-upgrading technology (the future HTL process) is now Ivanhoe's; Ensyn's separate biomass/renewables business was spun out to its old shareholders before closing.
15 Dec 2004business combination▲ GoodMajor
Ivanhoe agreed to acquire Ensyn Group for US$10M cash plus about 30M shares (roughly US$75M), gaining Ensyn's patented RTP heavy-oil upgrading technology that would become the basis of Ivanhoe's core HTL heavy-oil process.
